Expanding the K-Nuclear Power Plant Territory... Korea Trade Insurance Corporation Establishes Financial Cooperation Framework with Vietnamese State-Owned Enterprise

Establishing a Strategic Foothold for Proactive Financial Support

Korea Trade Insurance Corporation has established a financial support cooperation framework with a Vietnamese state-owned enterprise to support the entry of Korean nuclear power plants into the Southeast Asian market.

The Corporation announced on April 22 (local time) that it signed a memorandum of understanding on financial cooperation for the nuclear power plant project with Vietnam National Industry and Energy Corporation in Hanoi, Vietnam.

Korea Trade Insurance Corporation headquarters. Photo by The Asia Business DailyDB

Founded in 1975, Vietnam National Industry and Energy Corporation is a state-owned enterprise overseeing energy businesses such as oil and gas. It is currently promoting the Ninh Thuan Nuclear Power Plant Unit 2 project in Vietnam.

This memorandum of understanding was arranged as part of the government’s strategy to industrialize nuclear power plant exports, with Korea Trade Insurance Corporation, Export-Import Bank of Korea, and Korea Electric Power Corporation joining forces as "Team Korea" to enhance Korean companies’ competitiveness in winning Vietnam’s nuclear power plant projects.

The key contents of the memorandum of understanding include: ▲ Establishing a mutual cooperation system regarding the financial support structure for nuclear power plant projects ▲ Forming a working group for information exchange and cooperation.

Based on over 30 years of expertise in project finance, the Corporation plans to contribute to Vietnam’s energy security and achievement of carbon neutrality, while providing an optimal financial foundation to ensure Korean companies can participate smoothly in nuclear power plant construction projects in Vietnam.

Jang Youngjin, CEO of Korea Trade Insurance Corporation, stated, "Nuclear power plant projects are large-scale strategic initiatives that require national capabilities, so the role of policy finance is more important than ever. With this cooperation, we will spare no effort to provide all-around support for expanding the overseas footprint of the 'K-Nuclear Power Plant Ecosystem.'"

This content was produced with the assistance of AI translation services.